Consolidating studentloans com

27 Feb

It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.

When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.

The average approved borrower has an income over 0,000.

Their website even states that the company wants people who “…

Consolidation makes your student loans more manageable and easier to track by combining payments into one lower monthly bill.

Interest does accumulate on the loan while you’re looking for a new job, but no payments are expected. Though the minimum credit score to apply is 660, the typical So Fi customer has a credit score above 700.

Most of its clientele are graduate students and those with law school or medical degrees.

Combining several student loans, whether federal or private, only makes sense if you are going to receive a lower interest rate and reduced monthly payment terms.

The market for consolidating and refinancing student loan debt has exploded over the last five years.